Crypto solutions provider Trade.io has acquired UK-based brokerage firm Primus Capital Markets.
Primus Capital Markets, which is authorized and regulated by the UK Financial Conduct Authority, offers brokerage services to professional investors and elligible counter parties. It acts as matched principle broker on client’s behalf in respect of rolling spot forex, contracts for differences (CFD), over the counter products and other financial products.
With the acquisition, Trade.io plans to rebrand Primus Capital Markets as TIO Markets and will offer FX trading utilizing cryptocurrencies as base currency. Initially, TIO Markets will allow clients to utilize bitcoin, ethereum, Litecoin and TIOx, Trade.io’s native utility token, to access the FX platform. The FX platform is expected to launch in Q4 2018.
“The acquisition of Primus Capital Markets will allow the company the opportunity to aggressively expand into the UK and the European region,” said Trade.io CEO Jim Preissler. “With an FCA regulated business, it also provides management the opportunity to display to our clients that we are striving for a higher standard and welcoming regulation rather than avoiding it. There are many similarities to crypto and FX trading, and by marrying the two and offering it under one of the most respected regulatory regimes in the world, it makes for the perfect acquisition.”
Damian McDowell, Managing Director of Primus Capital Market and Director at Trade.io, said that the team at Primus Capital Markets has extensive experience in the FX industry and has built a significant database of traders that will benefit from this relationship.
“Tade.io is becoming a major player in the crypto space, and our clients will be extremely impressed with the Forbes CryptoMarkets partnership and other value adds they have in the pipeline,” McDowell said. “This was a natural fit for both firms, respectively.”
In addition to its recently launched crypto exchange service, Trade.io also operates a liquidity pool that allows clients to participate in the company’s success. To enhance the performance of the liquidity pool, the company is planning to allocate a portion of revenue from TIO Markets to the liquidity pool.
Source: Read Full Article